This planned Miracle Mile resi tower is going heavy on the amenities

The family of real estate broker Walter Marks will develop the $400M project, to include a bowling alley, wine tasting and dog-grooming

Los Angeles /
May.May 29, 2019 10:00 AM
Walter N. Marks III and a rendering of the project
Walter N. Marks III and a rendering of the project

Eat your heart out DTLA: the Miracle Mile is getting Los Angeles’ latest high-end high-rise.

A 42-story Art Deco-inspired residential tower is being planned for the heart of Miracle Mile district at 5411 Wilshire Boulevard, according the L.A. Times. The project has a $400 million price tag, and will be developed by the family of Wilshire Boulevard real estate developer Walter N. Marks.

As now envisioned, the development would have 371 apartments and a slew of high-end amenities, including a two-lane bowling alley, golf simulator, dog-grooming space, wine-tasting counter, and yoga studio. The top floor would have a private rooftop deck and lounge area. An automated car-parking system is also planned.

The Marks family wants to build the tower at the site of a Staples office supply store about a block from Metro’s under-construction Wilshire/La Brea Purple Line subway station. The subway station is set to open in 2023 and is a key driver of the project.

“There are going to be a lot more people,” Walter N. Marks III told the Times. “Industry follows people, my grandfather used to say.”

The project is eligible for the city’s Transit Oriented Communities program. It allows developers who build near transit hubs to increase the size of the construction if they set aside around 10 percent of units as affordable.

The family has owned the property for around 50 years. They also own the neighboring 1930s-era building, which they want to convert into a restaurant named after the Sontag drug store that once occupied the space.

Not far to the west along Wilshire, developer Jerry Snyder is redeveloping a long-held property. Snyder secured a $117 million construction loan to build out a high-end residential development next to his SAG-AFTRA Plaza, which he constructed in 1982. [LAT]Dennis Lynch 


Related Articles

arrow_forward_ios
Christina's Lawrence Taylor with rendering of Larrabee project (Christina)
Christina Real Estate to bring 28 condos to Sunset Strip
Christina Real Estate to bring 28 condos to Sunset Strip
Oceanwide's Liu Guosheng with  Oceanwide Plaza (Getty, Oceanwide)
Chinese developer finds buyer for unfinished Oceanwide Plaza project
Chinese developer finds buyer for unfinished Oceanwide Plaza project
8747 Parthenia Place in North Hills (Google Maps, Getty)
Parthenia Partners to build 55 apartments in North Hills
Parthenia Partners to build 55 apartments in North Hills
A photo illustration of Harridge Development Group CEO David Schwartzman and Highpark development in Palos Verdes (Getty, Harridge Development Group)
Harridge suit alleges unpaid work at Highpark project
Harridge suit alleges unpaid work at Highpark project
Ruixue “Serena” Shi and City of Coachella (Getty)
Developer sentenced to 20 years in prison for Coachella hotel scheme
Developer sentenced to 20 years in prison for Coachella hotel scheme
Diane Shammas and rendering of proposed Ford dealership (Pitzer College, Felix Chevrolet, Getty)
Shammas family plans New Ford dealership in DTLA
Shammas family plans New Ford dealership in DTLA
Octane Group’s Greg McLemore and the Arista Glendale building (Greg McLemore, Arista Glendale)
Luxe rentals ramp up in suburban Glendale
Luxe rentals ramp up in suburban Glendale
Councilman Jose Huizar (Charlie Kaijo/CC BY 2.0/via Wikimedia Commons, Getty)
Developer found guilty in LA City Hall bribery scheme
Developer found guilty in LA City Hall bribery scheme
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...